It is the least populated African country with a population of over 90,000 persons. Since its independence from the United Kingdom, it has grown from an agricultural hub to a market-based diverse economy largely influenced by the public and tourism sectors. Recently, the government has initiated friendly policies to encourage foreign investors. Presently, the country has the highest nominal per capita GDP in Africa and the second-highest Human development index after Mauritius. With a high-income economy, the government has a strong presence in economic activity and its tourism industry employ about 30 percent of the working force available in the country. It was reported by Transparency International to be the least corrupt country in Africa, thus, one of the best places to do business on the African continent.
If you own a business here and you are interested in exporting out of the republic, this article provides information on exporting goods from Seychelles and the process it takes.
Major goods exported out of the country
The major exports recreational boats, copra, cinnamon, processed fish, non-fillet frozen fish, refined petroleum, vanilla, and passenger and cargo ships. They are majorly exported to Bermuda, France, the Cayman Islands, the United Kingdom, and Qatar.
Exporting from the country
According to commercial law, a locally based organization or person can carry out export and import trading from any part of the country. However, the business has to be legally registered before commencement. Depending on the kind of goods, authorization, license, specific quantity or packaging, etc. may be required before exportation. The customs department in the Seychelles revenue commission is charged with pursuing the law on the customs administration, monitoring importation and exportation in the republic, facilitating trade, etc. In 2020, the nation’s economy ranks 150th in the world in terms of total exports with a total of $1.16B, making it the 150th exporter in the world. During the last five years, exports out of the territory have increased by $524M from $640M in 2015 to $1.16B in 2020.
The process of exportation
An exporter should ensure that all export documents required to deliver the goods through the port clear customs, satisfy compliance and regulation, etc. are accurate and submitted. Knowing the right documents to prepare is important for a simple export procedure. Generally, there are three stages of the process of exportation namely; export registration and license procedure, customs, and documents required. The first step is to obtain an export permit or license by registering the company for export, only if the type of goods to be exported need to be cleared before delivery. The company should ensure the exporting goods meet both countries’ standards of the Ministry of Finance and Trade and industry. For export documentation, exporters have to collect the required documents from their supplier (s) and then submit them to the clearing agent for customs clearance. This agent will then send the export declaration with other documents to the customs officer in charge. If no problem and the goods are being exported are not contrary to customs clearance formalities, the officer will issue a receipt to show acceptance of the entry into the system.
Required documents to submit
Aside from the basic documents, the documents required for exportation depend on the product, trade agreements between countries, and the trade policies of the nation. The following are some of the documents required for customs clearance when exporting goods out of the country:
- Customs entry document
- Customs bond
- Legal Undertaking
- Export license
- Purchase order
- Certificate of origin
- Insurance certificate
- Bill of lading
- Customs duties
- Statistical tax
- Transit documents
- Fiscal Import tax, etc.
